HSA Help

[zedd]

Am turning to the collective wisdom of this group for some advice.

Our son-in-law's health plan is restructuring things for 2016. Rather than a low deductible plan they are switching to a high deductible with the provision of writing him a check for $6k to be, ideally, deposited into an HSA to cover their former deductible.

They have a family of five, three kids still living at home all under the age of 16. Since HSA's are individual, how does one structure this to try to cover the health care costs for a family of five?

 

[Months.in.Wyoming]

There is nothing to do in the way of "structuring" the HSA. The HSA account will be set up per his companies instructions and he can use those funds to cover the costs for the entire family - just as the insurance itself will cover the entire family if he enrolls for Family Coverage - same as in years before.

If he is able to the best way to think about the HSA is as if it's another retirement account. Never touch that money and pay for health expenses out of pocket - since HSA money can be invested usually in mutual funds and grow tax free for years. Very nice of the company to be making the 6k contribution! Most do not.